Understanding the nonequilibrium transformation of nanocatalysts under reaction conditions is important because metastable atomic structures may be created during the process, which offers unique activities in reactions. Although reshaping of metal nanoparticles (NPs) under reaction conditions has been widely recognized, the dynamic reshaping process has been less studied at the atomic scale. Here, we develop an atomistic kinetic Monte Carlo model to simulate the complete reshaping process of Pt nanoparticles in a CO environment and reveal the in situ formation of atomic clusters on the NP surface, a new type of active site beyond conventional understanding, boosting the reactivities in the CO oxidation reaction. Interestingly, highly active peninsula and inactive island clusters both form on the (111) facets and interchange in varying states of dynamic equilibrium, which influences the catalytic activities significantly. This study provides new fundamental knowledge of nanocatalysis and new guidance for the rational design of nanocatalysts.